A stingray device is a medical device used to treat chronic diseases and conditions such as diabetes, pulmonary diseases, and cancer. It helps in continuous monitoring of health parameters and controlling disease conditions through minimally invasive drug delivery. The demand for stingray devices is increasing among patients as it offers ease of use, remote monitoring, precision drug delivery, and reduced hospital visits.
The global stingray device market is estimated to be valued at US$ 157 Mn in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Large Patient Pool Suffering from Chronic Diseases
The market opportunity lies in the continuously growing patient pool suffering from chronic diseases globally. As per statistics, over 425 million people are suffering from diabetes worldwide. Similarly, around 65 million people have chronic obstructive pulmonary disease (COPD). Stingray devices help improve disease management and control symptoms in such chronic cases. The demand for stingray devices offering features like continuous monitoring and precision drug delivery is increasing among patients and healthcare providers for better chronic disease care. This rising disease burden and focus on effective management through medical innovations like stingray devices are likely to drive the market growth during the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the stingray device market requires significant capital investment and the established players have strong brand recognition and distribution networks. However, low technical barriers allow new companies to enter this market.
Bargaining power of buyers: The bargaining power of buyers is high given the availability of interchangeable products from competitors. Buyers can negotiate lower prices by playing competitors against each other.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are multiple raw material suppliers and components suppliers. However, suppliers of key technologies have some control over pricing.
Threat of new substitutes: The threat of new substitutes is low as there are limited substitutes available for stingray devices. However, development of new technologies may pose a substitute threat in the long run.
Competitive rivalry: The competitive rivalry in the market is high given the presence of multiple global as well as regional players. Players compete based on product features, pricing, quality, and innovation.
SWOT Analysis
Strengths: High use of stingray devices in healthcare and aquaculture. Growing application in various industries such as shipping and offshore energy.
Weaknesses: High R&D costs associated with product development. Stringent regulations delay product approvals.
Opportunities: Emerging countries present major growth opportunities. Increasing investment in oceans economy will boost demand.
Threats: Threat from substitute technologies. Economic slowdowns impact market adversely. Environmental regulations raise compliance costs.
Key Takeaways
The Global Stingray Device Market Size is expected to witness high growth due to rising industrialization of coastal regions and growing oceans economy. The global Stingray Device Market is estimated to be valued at US$ 157 Mn in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023-2030.
The Asia Pacific region dominates the market due to large aquaculture industries and expanding offshore activities in countries such as China, Japan, and India. Regional players are focusing on expanding into high growth markets.
Key players operating in the stingray device market include Eli Lilly and Company, Novo Nordisk, Sanofi, Merck & Co., Bristol Myers Squibb, AstraZeneca, Boehringer Ingelheim, Johnson & Johnson, and Takeda Pharmaceutical. These players are focusing on new product launches, mergers & acquisitions and expanding their global distribution networks to strengthen market position. Eli Lilly has a strong portfolio of devices for oceans monitoring while Novo Nordisk dominates the aquaculture industry. However, regional players have significant market share in emerging countries.
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